LAS VEGAS, Nov. 29, 2021 (GLOBE NEWSWIRE) -- CABO VERDE CAPITAL INC. (OTC: CAPV) (the "Company") is pleased to announce that it has executed a Binding Letter of Intent to acquire VYRE Network (link) ("VYRE"), a free global digital distribution multi-platform service that licenses, live-streams and produces a vast catalog of exclusive content for streaming entertainment.
VYRE represents a visually driven culture of Millennials and Generation X, Y, and Z's expression of the visuals that they love the most, entertaining & informative original programs, feature films, short films, music videos, live events, and more. VYRE's sole mission is to manage a global portfolio of award-winning content while bridging the gap between quality content creators and the worldwide distribution of their craft.
VYRE Network's content includes movies, tv shows, episodic series and documentaries. Content is distributed through the VYRE APP to Apple TV, Roku, Amazon Fire Stick, Samsung TVs, iPhones, Androids and more. Distributed content is monetized by having pre-roll and mid-roll commercials, allowing users to always stream movies and shows completely free.
VYRE Live produces and manages the Company's live-stream entertainment distributed through the VYRE APP. This pay-per-view component of the Company live-streams concerts, special events, sporting events and more. VYRE Live brings live events from around the world to the living room of its users.
Vyre Studios & Productions (VSP) is the creative arm of the company that manages the creation of all original content, writing teams, content IP and licensing, and production houses, that create original content for distribution to the world, through the VYRE APP. VSP is a one-stop shop for creatives, full production, and sound stage rentals.
VYRE's content is categorized by 18 niche brands that range from movies, music and live/on-demand sports. Domestic brands such as Unnecessary Humor, Vyre Living, Vyre Fam, and soon-to-be-launched Just Faith TV and Vyre Business News Global. Music brands consist of True Magazine TV (Hip-Hop,) RnB Magazine TV, MGraceland TV (Pop/EDM,) and Relax TV. International-focused channels such as It's Español (Spanish,) Vasool TV (Hindi) and soon-to-be-launched Vyre Africa, Vyre Asia, and Vyre Brazil will also be heavy with popular content for those particular regions.
VYRE Network was created by David Hill and Lamar Seay in 2019.
Background on the Creators of VYRE Network
David Hill has been in media and marketing for over 23 years. He has become a sought after strategist in marketing, business development, media and is a connector in the entertainment space. He initially acquired his passion for working in entertainment at a young age and is recognized for promoting a variety of events early on in his career.
From his early days in event promotion, he turned to his focus to media and marketing with the creation of his first magazine in 1997, True Magazine. Mr. Hill's media company has grown over the years to include four national magazines and leading him to work with Kanye West, Jay-Z, Swedish House Mafia, Rihanna, Travis Barker, Justin Timberlake and top brands like Absolut Vodka, True Religion, Ed Hardy, Red Bull, to name a few. Through David's media and marketing experience he took on the role to publish and revamp the National Space Society's national magazine Ad Astra.
In addition to Mr. Hill's business ventures, he spends a great deal of time volunteering, providing resources, and consulting the Thinkwatts Foundation, an organization founded in 2018 in Watts, California, that focuses on food insecurities, financial literacy, environmental justice, workforce development, health, and sports programming for underserved communities.
Under Mr. Hill's consulting leadership, Thinkwatts Foundation has been able to provide food boxes to over 100,000+ underserved residents, financial literacy to hundreds, improve the water quality in the Watts community, and refurbished and built over 16 basketball courts, a soccer court, and fitness gym free for all community residents.
Lamar Seay is a visionary, leader, entrepreneur, connector, producer, and industry executive who holds a passion for creating what's next. He is one who is known for staying "ahead of the curve," along with his awareness, analytical skills, and forward thinking.
Mr. Seay began his career as an accountant in the United States Marine Corps, where he managed finances for several squadrons in the air wing, where he oversaw the AP/AR for helicopters, equipment, and supplies.
His film industry career began in 2006 as a consultant and co-writer on the independent film "The City is Mine," which obtained global distribution. In those early days he subcontracted to companies such as MySpace Inc., The Hollywood Reporter, Nielsen, and various law offices throughout L.A. In 2011, he became a journalist at the #3 digital Hip-Hop magazine, True Magazine, where he ultimately rose to Chief Editor. He has produced: television shows for multiple media outlets, interviews with major music artists, stand-up comedy series, and over a dozen magazine issues. He has had key roles in music artist campaigns, film festivals, music concerts and more.
Lamar has been instrumental in team and company building within Vyre Network by utilizing his skill of recognizing and discovering talent from executive, administrative, and project-driven standpoints. Mr. Seay has also developed a great number of key relationships, brand partnerships, and content acquisition deals that are a major component in where the company is today.
The Company will acquire the entire VYRE Network entity, which includes, but not limited to, all content, Vyre Network channels, VYRE Live, VYRE Studios & Productions, VYRE's Intellectual Property, all streaming licenses, any proprietary technology currently in use, and all existing contracts. The Company will issue 286,208,000 restricted common shares of the Company in exchange for the outstanding shares of VYRE Network. The Parties have agreed that details of this transaction will be finalized in a Definitive Agreement, which is to be completed on or before December 10, 2021. Upon execution of the Definitive Agreement, the Company will apply for a name and symbol change to reflect the VYRE name.
Also, on signing of the Definitive Agreement, David Hill will be appointed President of Cabo Verde Capital, replacing John Duggan, and Lamar Seay will become the Chief Operating Officer. John Duggan will remain an independent Director of the Company and Chairman of the Audit Committee.
As compensation for its exclusive M&A Advisory services in connection with this transaction, as well as its ongoing business development consulting work, Twilight Capital Inc. will be issued 35 million Series A Convertible Preferred Shares of the Company.
For Further Information Contact:
Cabo Verde Capital, Inc.
Forward-Looking Statements - This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Such statements include any that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "likely", "should", "could", "would", "may" or similar words or expressions. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those in such statements, which involve risks and uncertainties, including those relating to the Company's ability to grow. Actual results may differ materially from those predicted and any reported should not be considered an indication of future performance. Potential risks and uncertainties include the Company's operating history and resources, together with all usual and common economic, competitive, and equity market conditions / risks.
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